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FlexFinance IFRS fulfils current requirements for corporate and retail banking

FlexFinance IFRS fulfils current requirements for corporate and retail banking

Initial situation

With over 280 branch offices, this universal bank is a strong financial partner for more than 600.000 private and corporate customers throughout Europe. It is a wholly-owned subsidiary of a leading financial institute with more than 135 million private customers and over 1 million corporate customers in 22 countries worldwide.

The bank was re-established after a takeover some years ago. The previous product portfolio was expanded but the existing system architecture did not cover the new business operations. A decision was taken to remove the IT environment and set up a new one.

The bank decided on the FlexFinance solution from FERNBACH to cover the IFRS regulations. FlexFinance automates the entire accounting process for the whole portfolio for private and corporate customers in accordance with IAS/IFRS and lays the foundation, even today, for complying with the new IFRS 9 standards.

FERNBACH can ensure a future-proof solution 'out of the box'

A standard package for all business cases

Not only do projects cost time and money, they put additional pressure on the existing business departments and their operations. Smooth project implementation in the IT sector is essential so that the solution can be used in business operations quickly, efficiently and without any restrictions.

Therefore, a crucial factor in favour of FlexFinance was that the solution is delivered 'out of the box'. 'Out of the box' is the term we use for a solution that has been configured for a customer at the manufacturer’s and is fully functional. The delivery contains the valuation processes, accounting rules, chart of accounts etc. that are required by the customer. All the relevant deal types, instruments and the most common currencies are available. The software operates by using the sample portfolio provided by the customer via Excel. The business department in question can test the entire delivery before installation at the bank.

Individual financial statements were required owing to the customer’s business activities in several countries with different currencies. The Accounting Generator in FlexFinance can process multi-company and multi-currency requirements in one step. It covers all IFRS regulations, generates credit/debit entries for all accounting events and creates individual statements for each organisation.

A Look Ahead

In view of the new requirements for complying with IFRS 9, it was essential that appropriate measures were taken in advance, so that the necessary processes are available when the time comes. Thanks to FlexFinance, our customer has a future-proof solution in operation that supports all the new IFRS 9 requirements in addition to the rules under IAS 39. In this way, our customer can secure a pole position so as to gain an early advantage over the competition. In particular, FlexFinance provides a comprehensive set of instruments for risk provisioning, ranging from calculations, simulations, accounting and analyses to reporting.

FERNBACH monitors the development of the IFRSs closely and implements the necessary adjustments at an early date. This ensures that our customers always have an up-to-date IFRS solution.

Customer benefits

A complete solution from A to Z: FlexFinance covers the entire process chain for IAS/IFRS. All working steps can be carried out, from the import of raw data to the printing of results and reports.

One single source: By using the pre-configured deal templates, the complete IAS/IFRS logic can be applied to all financial instruments in a bank’s portfolio.

State-of-the-art solution with the latest technology.

Best-practice methods ensure project workload is minimised.

The application is delivered ex works and ready to operate in accordance with customer requirements.

Successful projects and satisfied customers

FERNBACH is a group of medium-sized companies operating worldwide in software and consulting. For the past thirty years, FERNBACH has enjoyed considerable success in the financial technology sector. A broad customer base, ranging from international financial institutions to regional private banks, relies on FERNBACH's solutions.